Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Views - The report emphasizes that the construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches its start, with significant government support and infrastructure investment anticipated [3][4][10] - The report highlights that the investment pace in the early stages of the "14th Five-Year Plan" is likely to follow historical patterns, with a concentration of project launches and higher investment growth expected [4][10] - The construction sector is advised to focus on three core investment themes for 2026: major national projects, high-dividend state-owned enterprises, and private construction companies leveraging cash flow for new opportunities [5][19] Summary by Sections Policy Developments - The government is actively releasing positive signals regarding the "14th Five-Year Plan," focusing on high-quality development and major infrastructure projects [3][20] - The National Housing and Urban-Rural Development Conference has emphasized stabilizing the real estate market and accelerating the renovation of old urban areas [3][20] Market Performance - The report notes that the construction and decoration index rose by 2.26% during the week, with significant gains in sectors such as decoration and specialized engineering [6] - A total of 101 stocks in the construction sector saw price increases, with notable performers including Hainan Development (+56.46%) and Shanghai Bay (+44.35%) [6] Future Outlook - The report anticipates that the construction sector will see a resurgence in investment activity, particularly in traditional infrastructure such as railways and highways, as well as new infrastructure projects [4][10][14] - The focus on water conservancy and transportation infrastructure is expected to increase, with several provinces already initiating planning for these projects [13][14] - The report suggests that the construction sector will benefit from a shift towards new infrastructure and low-altitude economy projects, which are gaining traction in local planning [14][19]

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

Important Events - Wentai Technology has shipped over 11 billion chips since mid-October and will participate in the second hearing of Anshi soon [1] - Chipyuan Co. signed new orders worth 2.494 billion yuan from October 1 to December 25, with over 84% of fourth-quarter orders related to AI computing power [1] - Qiangda Circuit plans to issue convertible bonds not exceeding 550 million yuan to invest in a project for producing 960,000 square meters of multilayer boards and HDI boards annually [1] - Jiufeng Energy exclusively supplies liquid hydrogen products for the Long March 8 carrier rocket launch [1] - China Oil Capital is acquiring Yingda Futures, and China National Petroleum Group plans to transfer 3% of China Oil Capital's shares to State Grid Yingda Group [1] Investment Operations - Jingfang Technology plans to jointly invest 150 million yuan to establish WaferWise Semiconductor Sdn. Bhd. to promote the internationalization of the integrated circuit industry [1] - Shenzhen Energy's wholly-owned subsidiary intends to invest 6.822 billion yuan in a compressed air energy storage project on the grid side [1] - Guangdong Construction's subsidiary plans to invest approximately 6 billion yuan in a green methanol project [1] - Weichuang Electric intends to establish a joint venture with Zhejiang Rongtai in Thailand to expand the market for intelligent robot electromechanical integration [1] - Defu Technology's HVLP5 copper foil is in the sample testing stage, while HVLP3/4 has already entered mass production and shipment [1] Contracts and Collaborations - Ruichuang Micro-Nano's infrared products have been equipped in the world's first mass-produced L4-level Robotaxi model jointly developed by Didi and GAC Aion [1] - Shandong Road and Bridge's subsidiary won bids for construction projects on the Yiyuan to Zoucheng highway, with a total bid price of approximately 9.402 billion yuan [1] - Chalco International signed project contracts worth about 14 billion yuan with overseas clients [1] - Meilixin received a project designation notice from a leading global commercial vehicle company, with expected total sales of approximately 640 million yuan over the next seven years [1] - China Duty Free's wholly-owned subsidiary won the bid for the first phase of the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 480 million yuan for the first year [1] Capital Operations - Xiangyang Bearing's controlling shareholder's equity structure has changed, with the actual controller restored to the Hubei Provincial State-owned Assets Supervision and Administration Commission [2] - Qianfang Technology announced a cash dividend plan for mid-2025, proposing a distribution of 0.2 yuan per share [2]

Core Viewpoint - China Aluminum International Corporation (中铝国际) has secured a significant overseas contract worth approximately 14 billion RMB, reflecting its focus on high-quality development and expansion in the non-ferrous metal industry [1][3]. Group 1: Contract Achievements - The company signed a contract with an overseas client totaling around 14 billion RMB [1][3]. - In the first three quarters, the company achieved new contracts worth 21.46 billion RMB, a year-on-year increase of 21.68% [8]. - New industrial contracts amounted to 20.51 billion RMB, accounting for 95.58% of total new contracts, with a year-on-year increase of 32.96% [8]. - New EPC (Engineering, Procurement, and Construction) contracts reached 18.25 billion RMB, up 29.92% from the previous year [8]. - The company signed overseas contracts worth 5.02 billion RMB in the first three quarters, marking a substantial increase of 115.91% year-on-year [9]. Group 2: Business Strategy and Performance - The company emphasizes a strategy of high-quality overseas development, enhancing coordination and resource allocation to improve both quantity and quality of international business [9]. - The company reported a revenue of 24.00 billion RMB for 2024, reflecting a year-on-year growth of 7.46%, and a net profit of 0.22 billion RMB, indicating a turnaround from losses [7]. - In the first three quarters of 2025, the company recorded a revenue of 15.22 billion RMB, a decrease of 5.72% year-on-year, and a net profit of 0.12 billion RMB, down 52.68% [7]. - The company is focusing on optimizing its business structure and enhancing project execution quality, which has led to a significant increase in industrial EPC business [7][8]. Group 3: Technological Advancements - The company is committed to leading business transformation through technological innovation, with a focus on optimizing its business structure [8]. - The company has achieved a gross margin of 11.29% in the first three quarters of 2025, an increase of 2.72 percentage points from the previous year [8]. - The company has initiated over 100 key research projects for 2025 and has made significant technological breakthroughs, including the development of advanced aluminum processing equipment [9].

Market Overview - The market structure characteristics are expected to continue in the short term, with trading volume being a key signal for market trends [1][9] - Major U.S. stock indices hovered near historical highs, with the Dow Jones down 0.04%, Nasdaq down 0.09%, and S&P 500 down 0.03% at the close [3] - The Nasdaq China Golden Dragon Index rose by 0.72%, with notable gains from Alibaba (1.5%), Pinduoduo (1.4%), and Baidu (1.2%) [3] Commodity Markets - Gold futures for December delivery increased by 1.08% to $4,529.10 per ounce, while silver futures surged by 7.68% to $76.48 per ounce, with post-market gains pushing silver above $78 per ounce [4] - International oil prices declined, with WTI crude down 2.76% to $56.74 per barrel and Brent crude down 2.57% to $60.64 per barrel [3] Financial Policies and Regulations - The People's Bank of China and the State Administration of Foreign Exchange announced the promotion of integrated currency pools for multinational companies, aiming to streamline cross-border fund management [6] - The National Bureau of Statistics released implementation opinions to strengthen data technology innovation, targeting the establishment of leading data technology innovation platforms by 2027 [6] Market Sentiment and Investment Trends - Institutional investors are increasingly adding to A500 ETF and other broad-based products, contributing to stable incremental capital in the market [9] - The market is currently characterized by a "buy on dips, structural switching" approach rather than aggressive trend-based accumulation at high levels, indicating a potential for gradual upward movement in the market [9] Company-Specific Developments - Xiaomi Group's co-founder plans to sell up to $2 billion of Class B common stock [10] - ST Houlv's chairman is under investigation for information disclosure violations by the China Securities Regulatory Commission [10] - Chipmaker AI orders from Chip Original Co. exceeded 24.94 billion yuan, with over 84% of fourth-quarter orders related to AI computing power [10]

格隆汇12月28日丨中铝国际(02068.HK)公布，2025年12月26日，公司与境外客户签署了某项目合同，合 同总金额约为140亿元人民币。 ...

Group 1 - The core point of the article is that Chinalco International (601068)(02068) announced the signing of a project contract with an overseas client, with a total contract value of approximately 14 billion RMB [1] Group 2 - The contract is set to be executed by December 26, 2025, indicating a long-term engagement for the company [1] - The announcement reflects the company's ongoing efforts to expand its international business and secure significant projects [1] - The total contract amount signifies a substantial opportunity for revenue generation for Chinalco International in the coming years [1]

智通财经APP讯，中铝国际(02068)发布公告，2025年12月26日，公司与境外客户签署了某项目合同，合 同总金额约为140亿元人民币。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 CHALIECO 中鋁國際工程股份有限公司 China Aluminum International Engineering Corporation Limited （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：2068） 特此公告 承董事會命 中鋁國際工程股份有限公司 陶甫倫 執行董事兼聯席公司秘書 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 刊 登。 茲載列該公告（於 上 海 證 券 交 易 所 網 站 刊 登）如 下，僅 供 參 閱。 中 國 北 京，2025年12月26日 於本公告日期，非執行董事為劉長奎先生及胡未熹女士；執行董事為李宜華先生、 劉 敬 先 生 及 陶 甫 倫 先 生；職 工 代 表 董 事 為 劉 東 軍 先 生；以 及 獨 立 非 執 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [3][24]. Core Insights - The report highlights a significant increase in the construction and decoration sector, with the SW Building Decoration Index rising by 2.26% [3][4]. - Key sub-sectors such as decorative curtain walls, professional engineering, and international engineering have shown strong weekly performance, with increases of 7.14%, 6.11%, and 3.52% respectively [3][6]. - The report emphasizes the importance of effective investment in infrastructure and strategic mergers and acquisitions as outlined by the State-owned Assets Supervision and Administration Commission (SASAC) [3][10]. Industry Performance - The construction industry outperformed the Shanghai Composite Index, with a weekly increase of 2.26% compared to the index's 1.88% [4][5]. - The best-performing sub-industry for the week was decorative curtain walls, which saw a rise of 7.14% [6][9]. - Year-to-date, the ecological landscaping sector has shown the highest growth at 54.66%, followed closely by professional engineering and decorative curtain walls [6][9]. Key Company Developments - Zhejiang Communications Technology Co., Ltd. won a contract for the "Fuchun River Urbanization Project" valued at 3.004 billion yuan, representing 6.29% of its 2024 revenue [14]. - China Aluminum International signed a contract worth 14 billion yuan with an overseas client, accounting for 58.33% of its 2024 revenue [14][15]. - The report notes significant stock performance, with companies like Hainan Development and Shanghai Port Bay seeing weekly increases of 56.46% and 44.35% respectively [3][10].